No, that’s not a typo. In November 2008 the median and average sales prices for homes in Santa Clara County were $460,000 and $567,000 respectively. This past November, they were $540,000 and $668,000. So it doesn’t matter whether you use the median price, or the average price; either way, that’s 17 to 18 percent appreciation, county-wide, in just a year! What does that mean? It means the market over-corrected last year. It also means a nice Christmas present for folks who bought their homes a year ago. And with just 2.3 months of inventory currently, and interest rates down below 5%, home values are primed to continue increasing as we head into 2010. This will be a good year to buy a home in Silicon Valley!
Vital Signs: (Santa Clara County houses, condos, and townhouses, as of November 2009)
Total Active Listings: 2,564
Average asking price of unsold homes: $1,034,000
Average sales prices of sold homes: $668,000
Average percentage of asking price obtained by successful sellers: 99%
Average number of days on market: 50
Sales, year-to-date: 13,591
Listings expired during November 2009: 224
Average 1-year appreciation: 17.8%
Months of supply by the end of November: 2.3 (sellers’ market)
Average 30-year fixed interest rate as of December 3, 2009: 4.71%, fees not included
Snapshots, November 2009
Top 3 sellers’ markets in Santa Clara County by zip code:
1. 95130 (San Jose-San Tomas neighborhood), 0.6 months of inventory
2. 94041 (Central/Downtown Mountain View), 0.8 months of inventory
3. 95122 (San Jose-East/Hillview), 0.9 months of inventory
Top 3 buyers’ markets:
1. 95033 (Los Gatos Mountains), 11 months of inventory
2. 95046 (San Martin), 7.8 months of inventory
3. 95070 (Saratoga), 5.2 months of inventory
3 most expensive zip codes in Santa Clara County:
1. 94301 (Downtown Palo Alto), median sales price $1,992,000
2. 94022 (Northern Los Altos/Los Altos Hills), $1,610,000
3. 95070 (Saratoga), $1,498,000
3 least expensive zip codes in Santa Clara County:
1t. 95116 (East/Central San Jose), $240,000
1t. 95110 (Central San Jose), $240,000
3. 95122 (San Jose-East/Hillview), $270,000
Curious about your zip code? Call Jeff: (408) 644-5175